Fear of more floods? In one area of CT, commercial insurance hikes are among the biggest in the U.S.
Sep. 21—Commercial property owners in
On average, the property analysis firm Trepp calculated about a 23-percent increase in commercial property and casualty insurance premiums last year for the
Trepp analyzes "line-item" insurance premium costs reported by commercial property owners to reach aggregate estimates for any one market. Insurance carriers have been hiking rates across both commercial and personal lines of property and casualty insurance, as the case with health insurers.
More Business
CT advocates warn that private sale of
The Spanish firm that owns nearly 82 percent of
The brewery has resided in a 1,600-square-foot former warehouse at
What is the coolest thing made in
From PEZ candies to Black Hawk helicopters, a vote will decide 'the Coolest Thing Made in...
Haar: Electric bills down after a cool August — as CT balks at wind deal
Milder weather might have dulled the anger over electric bills in CT but long-term, the...
Business owners await help month after CT flooding: 'Everything is destroyed'
Told they didn't need flood insurance, businesses hit by the
Trepp said the higher costs reflect a combination of factors, including natural disasters; changing underwriting guidelines in the context of cyber security among other factors; and investment returns on insurance company assets.
"Factors include rising construction and labor costs, inflation, and higher property values, which have raised the cost to repair and rebuild," Trepp spokesperson
In Marsh & McLennan's own study of commercial insurance trends released earlier this year, cybersecurity and data privacy was the top risk for the largest number of businesses surveyed. But half of those polled cited natural disasters as an ongoing area of concern in the context of business insurance costs.
The property and casualty insurance market is far more competitive than the health insurance market in
One major carrier and
Travelers tacked on an extra
Some commercial property owners have been pressing for moderation in pricing, Travelers executives reported in July, particularly national accounts. Travelers indicated it chose to walk away from some of that business rather than lock in "terms we weren't willing to accept" in the words of
"We're going through and looking at the book of business and understanding parts of it where we need to get a better risk return profile," Toczydlowski told analysts in a July conference call.
The
"Overall, commercial property pricing has begun to moderate, but was strong," said CEO
Includes prior reporting by
___
(c)2024 The Hour (Norwalk, Conn.)
Visit The Hour (Norwalk, Conn.) at www.thehour.com
Distributed by Tribune Content Agency, LLC.
Fed Rate Cut Sparks Optimism – And Uncertainty – OpEd
Week Ahead: Did the Fed’s Rate Cut Signal a Near-Term Low in US Rates?
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News